Breakout Stocks to Buy Today: From Trent to Orchid Pharma, Sumeet Bagadia Recommends Five Stocks to Buy Today
Breakout stocks to buy today: The Indian stock market closed higher on Friday on the back of positive sentiment in global markets and easing recession fears in the US. The Nifty 50 index rose 247 points to 24,364, the BSE Sensex shot up 819 points to 79,705 and the Bank Nifty index closed 325 points higher at 50,482.
However, due to the recent claim by Hindenburg Research, Sumeet Bagadia, Executive Director at Choice Broking, has advised a stock-specific approach for intraday trading. Bagadia said that some stocks which made fresh breakouts on Friday last week still look positive on the technical chart. He recommended intraday trading in these breakout stocks.
Sumeet Bagadia’s stock recommendations for today
Commenting on the Indian stock market outlook today, Sumeet Bagadis said that the Nifty 50 index managed to hold above the crucial support level of 23,900 despite the range it maintained throughout the week. He noted that the fact that Nifty held above the support level of 23,900 signals confidence for further rise in the coming sessions next week. Bagadia said that the 50-share index is facing a hurdle in the 24,350-24,400 range. After breaking this resistance level, the Nifty 50 index may soon touch the 24,800 level, according to Bagadia.
In terms of breakout stocks, Sumeet Bagadia recommended these five stocks to buy today: MPS, Trent, STEL Holdings, Indo Amines and Orchid Pharma.
Latest news from Hindenburg Research in focus
However, Bagadia said that the Indian stock market could be volatile on Monday following the latest claims of Hindenburg Research. Hence, selecting a stock for intraday trading is crucial. He said the Indian VIX index is still above 15 and any further rise in the volatility index of the Indian market is dangerous. Hence, it is advisable to keep an eye on the Indian VIX today. A rise in the Indian VIX index above 18 could trigger panic selling.
Stocks you can buy today
1) MPS: Bauy at ₹2196, Destination ₹2302, Stop Loss ₹2115;
2) Trento: Buy at ₹6275, destination ₹6600, stop loss ₹6055;
3) STEL investments: Buy at ₹492.30, target ₹515, Stop Loss ₹474;
4) Indoamines: Buy at ₹171, Target ₹179, Stop Loss ₹164; and
5) Orchid Pharma: Buy at ₹1567, destination ₹1640, destination ₹1510.
Disclaimer: The views and recommendations above are those of individual analysts, experts and brokerage firms and not of Mint. We advise investors to seek advice from certified experts before making any investment decisions.
